Types of Health Insurance Plans You Can Buy In 2021

Health insurance plans serve the main purpose of compensating for the medical expenses of their policyholders to avoid the customers from draining their savings on medical treatments at the time of emergency. Apart from the monetary support it also helps the people to ensure quality treatment at the private hospitals without worrying about money. With the rapid increase in the inflation in the health sector, health insurance policies have gained a lot of importance over the years. There are several types of health insurance plans to cater the needs of the different groups of people in the society. 

Health insurance policies come in different forms for the same ultimate purpose. The features of the policy differ depending on the age of the applicant, sum assured, medical history, and other requirements. Some of the commonly bought health insurance policies are individual health insurance plans, family floater plans, maternity benefit plans, critical illness covers, senior citizen plans, top-up covers, super top-up covers, and a lot more. These plans can be customized by the insurer according to your needs and are comprehensive as well as affordable in nature. 

Various Types of Health Insurance Plans 

Let us look at some of the prominent types of health insurance policies in the market which are bought by a large portion of the customers: 

1. Individual Health Insurance Plan

This is the most common type of health insurance plan bought by the customers as it insures the health of a single individual. There are various plans under this type, offered by different health insurance providers. It comes with a wide coverage and lots of benefits like tax reduction, ambulance costs, lifetime renewability of services, room rents, hospitalization charges, medicational costs, domiciliary expenses, healthcare checkups, and a lot more. It can be availed if you are hospitalized for a minimum of 24 hours. You can buy individual plans for all your family members if there is a case of medical history as it requires a lot of sum assured under the plan. 

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2. Family Floater Health Insurance Policy 

This is a health insurance plan which covers all the members of a family within a single policy cover with enough sum assured to compensate for the medical expenses of all the members insured under the cover. If a member of your family is suffering from any pre-existing diseases, then it is usually advised to buy a separate health insurance plan for them as the sum assured under the  family floater plan will be insufficient for them and leave nothing for the other members. It can cover you, your spouse, children, and dependent parents with a family discount on each member added within the policy. 

3. Critical Illness Health Insurance Plan 

This health insurance plan offers medical compensation to individuals suffering from critical disorders like cancer, diabetes, stroke, lung disease, etc. It comes with a wide coverage for a list of critical diseases specified by the insurer. Therefore, before buying a health insurance cover you must make sure that the disease you are purchasing an insurance cover for has been included. This plan can be bought as both abse health insurance plan or an additional cover. 

4. Group Health Insurance Plan 

This health insurance cover provides insurance cover to a group of people working under an organization, company, or an employer. It is generally bought in the name of the company for the employees and their families. It makes the employees feel valued at the workplace and they give their best to the company for the output. It does not offer tax deduction benefits but no pre-medical health checkups are required for group health insurance plans. 

Conclusion 

You can compare and research all the types of health insurance plans that are available in the insurance market. Based on your requirements, you must make a final choice and invest in a suitable health insurance policy for yourself and your family. Never forget to read the fine print of the policy related documents to avoid any confusion at the time of claim settlement. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.